For What It’s Worth
“I went freelance to save on childcare costs.”
By Noteworthy contributor
For What It’s Worth
“I budget all year for a family holiday, they mean so much.”
I never had holidays abroad as a kid. Now, our family of 20+ save to go away together once a year.
13th August 2024
My parents are first generation immigrants from Nigeria. My dad came to the UK in the ‘60s with a few thousand pounds in cash.
Some developing countries don’t have the infrastructure for lending. In Nigeria you traditionally pay cash, so my parents never borrow money.
When I was a kid, my parents would only go abroad to visit family in Nigeria. The first time I went on holiday abroad I was at uni.
Now we organise an annual holiday with 20+ of us, three generations. We plan 18 months in advance – enough time to pay it off.
It’s always an all-inclusive (so we know the total cost) with wheelchair access for my parents. If the younger ones can’t afford it, others cover it!
I pay for my children. And I add spending money onto their Starling Kite cards so they have autonomy while they’re away.
I never go on holiday by myself or with friends. My family always does everything together – my sister brings her six kids!
We’ve been through a lot. Our trips are a way to celebrate life, make memories and bond all the generations. We’re making up for the holidays we didn’t have!
I asked my son his favourite thing about the trips, he said: “I like helping grandma and grandpa, wheeling them around!”
Illustration credit: Emanuel Santos
How to budget for a family holiday
If you’ve got a big family holiday coming up, it’s a good idea to build this expense into your budget and set money aside each week or month for your trip. That way, you’ll be spreading the cost over a longer period of time. Planning ahead also means that when your holiday comes round, you’ll be able to properly relax, rather than stressing over money.
If you have a Starling personal or joint account, you can go to the Spaces section of the app and set up a Space to set money aside for your holiday. When you receive money, you could even use the Split Payments feature to put a percentage of your income straight into your Holiday Space. There’s also an option to set up an automatic weekly or monthly top-up to a Space.
To work out how much you need to set aside each week or month, think of an ideal cost for your holiday, then divide this by the number or weeks or months you have to save for it. For example, if your holiday is going to cost £1,000 and it’s five months away, you could aim to put £200 a month into your holiday Space. You can even add a photo and target amount to your Space for added motivation!
The article above includes general information and should not be taken as financial advice. If you have questions about your specific circumstances, you should speak to an independent financial advisor.
Got a holiday booked? Pack your Starling card and enjoy no fees from us when you spend abroad or withdraw cash.
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